House of Representatives votes to pass the Republican Small-Business Tax Cut Bill

by Colonel on April 19, 2012

Source

“The U.S. House of Representatives on Thursday passed a Republican plan to cut taxes on small businesses by as much as 20%, the party’s answer to President Barack Obama’s “Buffett rule.”

The measure cleared by 253-173, though it is expected to stall in the Senate and has already drawn a White House veto threat. Democrats said the measure wouldn’t create new jobs and was a giveaway to the rich.

House Republicans came back with a one-year, small-business tax cut, saying that the measure would help small businesses create jobs. The tax cut would only be available to businesses with fewer than 500 workers. It would take the form of deduction of 20% of domestic business income. Only companies that pay out wages would be eligible for the tax break, with the amount limited to half of the amount of wages paid.” — Siobhan Hughes, Copyright 2012 Dow Jones & Company Inc

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